Removing Barriers Blog

Credit Union Commitment to Ensuring Housing Finance Market is Accessible and Affordable to Minority Borrowers Highlighted in Letter to Subcommittee
Posted May 10, 2019 by CUNA Advocacy

Earlier this week, CUNA wrote to Chairman Clay and Ranking Member Duffy prior to the Subcommittee’s hearing entitled, “A Review of the State of and Barriers to Minority Homeownership.”

In the letter, CUNA explained how the nation’s 5,500 credit unions are unique, member-owned, democratically-controlled, not-for-profit financial cooperatives that currently serve over 115 million members and highlighted that Many of those members are people of color who rely upon their credit union to meet their housing finance needs.

“CUNA and our credit union members are committed to ensuring that the housing finance market remains both accessible and affordable to minority borrowers. To that end, we continue to support policy proposals that recognize that barriers to mortgage credit affordability—such as the Federal Housing Administration’s decision to extend mortgage insurance premiums for the life of a loan without regard to the health of the Mutual Mortgage Insurance Fund—directly and disproportionately have a negative impact on access to mortgage credit for many minority borrowers.”

CUNA will continue to advocate for a robust, smoothly functioning national housing market with an efficient, affordable and fair finance system that provides equal access to borrowers of all races, genders, and ethnicities is a core priority for credit unions and the members they serve.